Jai Corp Limited to Receive INR 364 Crore from Associate Company's Capital Reduction

Jai Corp Limited announced that its associate company, Urban Infrastructure Holdings Private Limited (UIHPL), has proposed a capital reduction. Upon sanction of such capital reduction, the Company will receive INR 364 Crore. The proposed capital reduction is subject to approval by the shareholders of UIHPL, the NCLT, and requisite regulatory approvals. The UIHPL has received a notice for an Extra-ordinary General Meeting of the members to approve the capital reduction. The UIHPL has recently sold its 74% equity stake in Navi Mumbai IIA Private Limited for a consideration of Rs. 1,628.03 crore. The UIHPL has funds in excess of its wants, amounting to a minimum of ~Rs. 3,772 crore, which will be used for the capital reduction. The EGM for sanctioning the proposed capital reduction is scheduled on 2 January 2025.